Global Correction

[Old Croc]

Videos showing a financial analyst being mocked as he correctly predicts the looming financial crisis have become a sensation online.

One YouTube clip, titled 'Peter Schiff Was Right 2006-2007', has shot to the top of the Viral Video Chart after rapidly receiving over 135,000 views. The clip stitches together television news interviews with US finance expert Peter Schiff dating back to August 2006, in which the man nicknamed "Dr Doom" warns an economic meltdown is likely and a "bad" recession imminent.

But as he tries each time to explain his prediction, he is cut off and sneered at by other financial analysts and even the hosts who are convinced his ideas are laughable. "I have no idea what Peter Schiff is talking about — what artificial lending standard are you talking about?" one expert says, mockingly. Another responds: "You must be a laugh riot at parties."

In a later interview, three panellists earnestly advise investors to put their money into financial stocks, clearly unable to comprehend the fate of the now struggling investment giants such as the collapsed firm Lehman Brothers.

"Stay away from the financials, they're toxic, they're cheap," Mr Schiff says, before he is criticised for being "pessimistic".

Moments later the Fox News host "wraps up" the segment by saying, "Peter, I wish we had more time — I know you want to continue that exposé on Santa Claus".

But Mr Schiff, the president of Euro Pacific Capital, won himself a legion of fans once his previously lampooned predictions came to pass.

In the August 2007 interview, Mr Schiff encourages people to invest in gold. One year on, the price of gold had risen by a total 8 percent.

That increase was some five times higher than in the 14-month period prior to the financial crisis, according to investment group Clerical Medical.

On Mr Schiff's MySpace page, investors have left messages of admiration for the analyst.

"It shows great strength to speak truth and hold to your beliefs while others mock and jeer at you," wrote one man.

Another said: "I just saw the bulletin you've posted. It was both tragic and funny … Hopefully, people will wake up to this financial mess and follow your advice."

Schiff on Utube

(apologies to those who can't get Utube)

[suegha]

That's unreal. How disrespectful were the other 'experts'? even if you didn't agree you shouldn't behave like that!

[Pakboong]

Interesting read, the only thing I will say the last thing I want to do now is borrow money

http://www.atimes.com/atimes/Global_Economy/JK14Dj01.html

ray what I don't understand if America is the most powerful country on earth

and yet doesnt have the power to ask the Fed where and how the $700 billion

is being spent

surely it's now time to blow the lid sky high on exactly who and what is behind the Federal Reserve?

The American public is being asked to finance this bailout surely in return it's not too much

for them to ask to know all the details of where the money is going and yet

members of Congress can't even get the details? It's ludicrous and unbelievable.

I can understand there needs to be secrecy regarding the CIA and FBI for national

security purposes but what in the world entiltes a group of private bankers

to extract $700 billion from the American public and then say " please do not ask any questions "

Ron Paul ran on the idea of dropping the Federal Reserve and restoring control back to the people but the people have no idea what-so-ever why that is something so important for the future of their children. Paul got nowhere with this campaign.

I am not even American but " these people " have a gag order for everything they

are involved with. Its no wonder the average Us citizen is not aware of this

because certain people we wont mention say NOTHING they are

involved with should be openly discussed. Now I am finally understanding

the real " world order ". And we wonder

why some people in " other parts of the world " are so angry

You know we as Americans generally have never heard about these things.

How the FED was started how our money is backed by basically a wing & a prayer.

These things are not taught in school. They are never spoken about on TV either.

It is too bad because I have forgotten now who said it but I believe it was a president that said something to the effect of it is a good thing the common folks dont understand this or there would be a revolution.

Who ever said it was correct but.... folks are suddenly learning & the second half of that statement could become a reality.

As for that 700 billion bail out...An awful lot of us were against it. We were not against working on the problem but the things you describe is what we did not want. They have a free hand yet again to spend with no justification to those who pay for it. Also they are free from further prosecution in the future if & when they may be accused of wrong.

We instead said no to our representatives & it showed in a defeated vote. Then they used fear to turn the sheeple once again in the direction they wanted.

Fine we will see where this goes. Hopefully they will remember how this country started & what we were escaping when it came to being.

A line very similar is attributed to Henry Ford Sr.

“It is well enough that the people of the nation do not understand our banking and monetary system for, if they did, I believe there would be a revolution before tomorrow morning.” — Henry Ford

Edited November 15, 2008 by Pakboong

[Ulysses G.]

That is one of the most amazing things that I have ever seen. EVERYTHING he was saying turned out to be correct, yet everyone was jeering and laughing at him like he was a lunatic. The world is a funny place.

[stumonster]

so many still believe the worst is over

[flying]

A line very similar is attributed to Henry Ford Sr.

“It is well enough that the people of the nation do not understand our banking and monetary system for, if they did, I believe there would be a revolution before tomorrow morning.” — Henry Ford

Thank You that is actually the quote I was thinking of. My memory is not what it use to be

[flying]

This guy put together a nice series of videos called crash course.

http://www.chrismartenson.com/crashcourse

[midas]

This guy put together a nice series of videos called crash course.

http://www.chrismartenson.com/crashcourse

so here is the rub !! I have not had time to see these videos yet but do they

cover the history and analysis of the Federal Reserve ? If not why not ?

And if not now is the time perhaps to prepare something like this

and post it on YouTube ?

[flying]

This guy put together a nice series of videos called crash course.

http://www.chrismartenson.com/crashcourse

so here is the rub !! I have not had time to see these videos yet but do they

cover the history and analysis of the Federal Reserve ? If not why not ?

And if not now is the time perhaps to prepare something like this

and post it on YouTube ?

Actually I have not watched yet but here is the table of contents. You can see they do cover it & also the times for each video is listed Nice of them to do this I think as many have these questions now.

You will learn about:

• Intro (on this page, above)
  
• Chapter 1: Three Beliefs (Time: 1:46)
  
• Chapter 2: The Three "E"s (Time: 1:38)
  
• Chapter 3: Exponential Growth UPDATED! - November 3 (Time: 6:20)
  
• Chapter 4: Compounding is the Problem (Time: 3:06)
  
• Chapter 5: Growth vs. Prosperity (Time: 3:40)
  
• Chapter 6: What is Money? (Time: 5:55)
  
• Chapter 7: Money Creation (Time: 4:19)
  
• Chapter 8: The Fed - Money Creation (Time: 7:13)
  
• Chapter 9: A Brief History of US Money (Time: 7:14)
  
• Chapter 10: Inflation (Time: 11:48)
  
• Chapter 11: How Much Is A Trillion? (Time: 3:28)
  
• Chapter 12: Debt (Time: 12:32)
  
• Chapter 13: A National Failure To Save (Time: 12:06)
  
• Chapter 14: Assets & Demographics (Time: 13:41)
  
• Chapter 15: Bubbles (Time: 14:10)
  
• Chapter 16: Fuzzy Numbers (Time: 15:52)
  
• Chapter 17: PART A: Peak Oil (Time: 17:52)
  
• Chapter 17: PART B: Energy Budgeting (Time: 12:15)
  
• Chapter 17: PART C: Energy And The Economy (Time: 7:05)
  
• Chapter 18: Environmental Data (Time: 16:22)
  
• Chapter 19: Future Shock (Time: 8:02)
  
• Chapter 20: What Should I Do? NEW! - October 22 (Time: 19:48)
  

[midas]

This guy put together a nice series of videos called crash course.

http://www.chrismartenson.com/crashcourse

so here is the rub !! I have not had time to see these videos yet but do they

cover the history and analysis of the Federal Reserve ? If not why not ?

And if not now is the time perhaps to prepare something like this

and post it on YouTube ?

Actually I have not watched yet but here is the table of contents. You can see they do cover it & also the times for each video is listed Nice of them to do this I think as many have these questions now.

[

If as you say it has not been taught in schools and so many people in USA seem

unaware of the implications that its silent in these videos also. They are very

good at censorship " these people ".

Edited November 16, 2008 by midas

[flying]

If as you say it has not been taught in schools and so many people in USA seem

unaware of the implications that its silent in these videos also. They are very

good at censorship " these people ".

No it is quite good!

Go watch chapter 8 it is only 7 minutes long

http://www.chrismartenson.com/crashcourse/...-money-creation

[Kerryd]

(From an email recently sent to a bank)

Dear Sirs,

In view of what seems to be happening internationally with banks at the moment, I was wondering if you could advise me. If one of my checks is returned marked "Insufficient Funds," how do I know whether that refers to me or to you ?

[Ulysses G.]

Videos showing a financial analyst being mocked as he correctly predicts the looming financial crisis have become a sensation online.

One YouTube clip, titled 'Peter Schiff Was Right 2006-2007', has shot to the top of the Viral Video Chart after rapidly receiving over 135,000 views. The clip stitches together television news interviews with US finance expert Peter Schiff dating back to August 2006, in which the man nicknamed "Dr Doom" warns an economic meltdown is likely and a "bad" recession imminent.

But as he tries each time to explain his prediction, he is cut off and sneered at by other financial analysts and even the hosts who are convinced his ideas are laughable. "I have no idea what Peter Schiff is talking about — what artificial lending standard are you talking about?" one expert says, mockingly. Another responds: "You must be a laugh riot at parties."

In a later interview, three panellists earnestly advise investors to put their money into financial stocks, clearly unable to comprehend the fate of the now struggling investment giants such as the collapsed firm Lehman Brothers.

"Stay away from the financials, they're toxic, they're cheap," Mr Schiff says, before he is criticised for being "pessimistic".

Moments later the Fox News host "wraps up" the segment by saying, "Peter, I wish we had more time — I know you want to continue that exposé on Santa Claus".

But Mr Schiff, the president of Euro Pacific Capital, won himself a legion of fans once his previously lampooned predictions came to pass.

In the August 2007 interview, Mr Schiff encourages people to invest in gold. One year on, the price of gold had risen by a total 8 percent.

That increase was some five times higher than in the 14-month period prior to the financial crisis, according to investment group Clerical Medical.

On Mr Schiff's MySpace page, investors have left messages of admiration for the analyst.

"It shows great strength to speak truth and hold to your beliefs while others mock and jeer at you," wrote one man.

Another said: "I just saw the bulletin you've posted. It was both tragic and funny … Hopefully, people will wake up to this financial mess and follow your advice."

Schiff on Utube

(apologies to those who can't get Utube)

Thanks a lot OC !

Mods: I kindly request to move this message (also) to the "Economy" Forum, and Global Correction in particular, as I think it is very important that other readers (with less than 500 posts) have access to OC's message and the YouTube link also.

LaoPo

I agree that this should be moved. It is too important to have such a limited audience!

[AlexLah]

I had similair responses from the people at my former office, when I was mentioning a global crisis looming 2-3 years ago.

I think I even mentioned something like that to happen in my predictions thread.

Now I laugh at them, you should see their faces.

But no, it is not funny.

[shochu]

martin armstrong has one up on him - on everyone for that matter.

he is the best of the best - or should that read the only one who has accurately called the markets.

he was jailed because he refused to give up his formula. great world we live in when you figure out how the game is played - they trump up charges and lock you up!

[Naam]

martin armstrong has one up on him - on everyone for that matter.

he is the best of the best - or should that read the only one who has accurately called the markets.

he was jailed because he refused to give up his formula. great world we live in when you figure out how the game is played - they trump up charges and lock you up!

it's dem ayliens who landed in Arizona end of da 40s, invaded our planet and replaced da politishuns worldwide. dey wonts us to be their slayves

[VegasVic]

martin armstrong has one up on him - on everyone for that matter.

he is the best of the best - or should that read the only one who has accurately called the markets.

he was jailed because he refused to give up his formula. great world we live in when you figure out how the game is played - they trump up charges and lock you up!

it's dem ayliens who landed in Arizona end of da 40s, invaded our planet and replaced da politishuns worldwide. dey wonts us to be their slayves

That was New Mexico dat dem darn aliens landed in, not Arizona Naam (but I must say that here in Sedona we have a few that are so far out there they might have been abducted )! As far as Peter Schiff goes he has been a doomsdayer since as far back as I can remember, and after years of being wrong he finally found an economy that fit his prediction Back in August 2007 Mr. Schiff also predicted that gold would be $2000/ounce a year from then, since gold sits at around $740 currently I would say that good ole Petey was just a bit off Its kind of interesting that when you put situations like Mr. Schiffs predictions in a full and objective perspective that he looks more like a lunatic standing on the street corner yelling that the world is coming to an end, then 20 years later the world really does come to an end and everyone says, wow what a brillant mind this guy on the street corner had Mr. Schiff is nothing more than a gold bug wishing for disaster so that his precious shiny stuff can rise to the exaulted value that he places on it! Gold and other commodities are in for an extended bear market, so going forward Mr. Schiff will wrong time and time again on his predictions for gold

[spiderman2]

I like the quote at 5.15, saying the US cant afford to keep on buying cheap foreign goods.

Here is to protectionism and nationalism............the kind they have in Asia.

Edited November 17, 2008 by spiderman2

[Hairy]

As far as Peter Schiff goes he has been a doomsdayer since as far back as I can remember, and after years of being wrong he finally found an economy that fit his prediction

Peter Schiff is the son of Irwin Schiff, a noted scam artist in the field of income tax protesting. Irwin Schiff sold books, gave lectures, and otherwise made money by proclaiming that the U.S. income tax was voluntary, never passed, or otherwise was unenforceable, and that people didn't have to pay it.

http://en.wikipedia.org/wiki/Irwin_Schiff

In court, Irwin Schiff called one of his followers an "idiot" for taking his advice.

http://www.cnsnews.com/public/Content/Arti...64&print=on

[bingobongo]

just like dominos.....Hong Kong, Japan, and soon LOS.........

Japan - world's No. 2 economy - in recession

http://money.cnn.com/2008/11/16/news/inter...sion=2008111620

[cclub75]

just like dominos.....Hong Kong, Japan, and soon LOS.........

Japan - world's No. 2 economy - in recession

http://money.cnn.com/2008/11/16/news/inter...sion=2008111620

Non, non, non. You're wrong.

For several good reasons, IMHO :

-the market is healthy (we will never repeat it enough. Let's repeat it together : "the market is healthy". You see, you start to feel better !)

-by assuming that Thailand is a country, within a global economy linked to other countries, you make a big mistake : Thailand is... something else. Thailand is located on another planet, in another solar system. Therefore, Thailand is insulated. By dozen of millions of miles of... emptiness. Now, think about it, this is serious insulation !

-where have you seen that Japan (who ????) had trade relations with Thailand ? You mean....That Japan = 11 % of total Thai exports ? Nah, it must be a lie.

So to summarize don't trust those reports. Never. Ever.

Edited November 17, 2008 by cclub75

[shochu]

spidy,

every country has followed the same route to prosperity - that is - they have all used protectionism to grow their industries. the u.s. had some of the worst tariffs in history - check your facts.

naam,

will u be posting while u r being operated on??

vic,

how's the convenience store job going???

and to the latter two saints,

for such investment gurus, r u guys not bleeding money right now from u r predictions or r they just pipe dreams along with the other pipe dreams u guys live here on TV. for two guys that do so well, it is interesting the two of u should spend most of your time on a resource that is so inexpensive???

oh, just to show u i am a good sport :D :D

[Naam]

naam,

will u be posting while u r being operated on??

that might prove to be a bit difficult. presently i am in a Munich hotel bitching about the speed of the wireless lan which is slower than an analog modem connection AND drops dead every few minutes. operation is coming friday and i have a feeling that they won't let me use my laptop during the procedure. these german surgeons are supposed to be quite strict

[pkrv]

naam,

will u be posting while u r being operated on??

that might prove to be a bit difficult. presently i am in a Munich hotel bitching about the speed of the wireless lan which is slower than an analog modem connection AND drops dead every few minutes. operation is coming friday and i have a feeling that they won't let me use my laptop during the procedure. these german surgeons are supposed to be quite strict

Well to give you some comfort - In the UK the Calvary vs. the Tanks was a DRAW, First World War point of exercises I believe, just to see how things are done. Walk slowly into machine gun fire its good for your health!

[bingobongo]

who was the "genius" on this thread that said asia was "immune" and will not be affected due to limitless possibilities? it is amazing how som tham, easy sex, and denial can make some folks terribly wrong..................LMAO

China’s Stock Index Plunges Most Since June on Growth Concern

http://www.bloomberg.com/apps/news?pid=206...refer=worldwide

[AlexLah]

pwned

Have a look, priceless.

http://www.youtube.com/watch?v=r5GW2uh0k4A...feature=related

There is a few other's as well, like: Chump, ha ha ha.

Does he really care?

Who knows.

Fact is 350 Billion USD was paid out to those foreign investors, thank you.

I feel sorry for the US taxpayer.

Anyway enjoy the YT clip, there are a lot more.

[bingobongo]

the second more painful wave is coming............are you ready? and yes, LOS will feel immense pain as well despite the rainbows and unicorns

Edited November 19, 2008 by bingobongo

[AlexLah]

How about this article.

Obama and his"Wise) men.

http://globalresearch.ca/index.php?context=va&aid=10860

[LaoPo]

New York closed, Wednesday, November 9th, 2008

DOW below 8,000

NASDAQ below 1,400

S&P500 lowest since October 2002.

Dow 7,997.20 -427.55 (-5.07%)

S&P 500 806.63 -52.49 (-6.11%)

Nasdaq 1,386.42 -96.85 (-6.53%)

FORD Motor dropped 25%

GM dropped almost 10%

General Electric GE: dropped 10%

Chrysler LLC Chief Executive Officer Robert Nardelli told Congress his automaker studied a prearranged bankruptcy before dismissing the idea as unworkable and approaching the U.S. government for money to survive.

CITIGROUP: dropped 23%; posts biggest percentage drop ever.

JPMorgan Chase: dropped 11.4%

Bank of America BAC: dropped 14%

Wells Fargo WFC: dropped 10%

YAHOO: dropped 21%; Microsoft not interested.

"U.S. stocks sank and benchmark indexes slid below their lowest closes since 2003 on growing concern over the fate of the nation's car industry and economic data signaling the recession is deepening."

http://www.bloomberg.com/apps/news?pid=206...&refer=home

U.S. stocks stumble after dour economic data

Financial sector weighs on market; GM slides 15% as lawmakers debate aid

http://www.marketwatch.com/news/story/US-s...6-8191B9B77C16}

LaoPo

[bingobongo]

well kids, the death cross has been confirmed on BOTH the DOW and SET see you at the bottom....................

Edited November 19, 2008 by bingobongo